The Senate has scheduled a vote on Thursday to clear hurdles that stand between the Federal Reserve chairman and a second term.

The procedural move requires 60 votes and will depend on Republicans, because several Democrats have said they will vote no. The vote could effectively clear Bernanke for confirmation, although a second vote requiring only 51 votes would be taken later in the week.

Bernanke's term ends on Sunday.

The mere fact that Senate Majority Leader Harry Reid, D-Nev., has scheduled a cloture vote means that he believes he has secured 60 votes for Bernanke after heavy lobbying by Democratic leaders and the Obama administration.

"During the darkest days, this man and his leadership stepped in," Sen. Dick Durbin, D-Ill., said this week after meeting with Bernanke, who acknowledged to senators that he had made some mistakes. "He stepped in and made some decisions that saved us. We have to acknowledge the fact that we have made progress."

Although President Obama announced five months ago that he wanted to re-appoint Bernanke to a second term, the Senate has dawdled on the confirmation vote until the last minute.

Voter frustration has been growing against Washington. Lawmakers are accused of doing a better job getting Wall Street back on its feet than Main Street. And Bernanke is largely seen as a symbol of Wall Street, even though many credit him for saving the economy from falling into a second Great Depression.

Democratic leaders and White House officials have expressed cautious optimism they have the votes they need, as part of a deal negotiated on separate legislation that would raise the debt ceiling.

If Bernanke is not re-appointed by Sunday, he would retain his position on the Fed's Board of Governors. He would also likely be elected by his colleagues on the board to continue running the Federal Open Market Committee, which controls monetary policy and meets today

However, a question remains about who would run the Fed. It would be either Bernanke, in an acting capacity, or Vice Chairman Donald Kohn.

soundoff(24 Responses)

Hugo

Remember, this guy and Tim Geithner both played prominent roles in the destruction of our economy. Smoke and mirrors baby, smoke and mirrors, meanwhile Obama fiddles while our Nation burns. My vote is kick them both to the curb along with Napalitono, they are all a bunch of incompetent bureaucrat lifers!

January 27, 2010 01:50 pm at 1:50 pm |

karen

Apparently, our government prefers to back the 'better the devil that you know' policy.

What a shame. How can a country be expected to move forward when our government continues to back the same idiots over and over rather than try something new.

January 27, 2010 01:51 pm at 1:51 pm |

Texas Jack

Get rid of this guy. One more down is a gain to a goal. No incumbents in 2010.

January 27, 2010 01:54 pm at 1:54 pm |

If you want something ruined, put a republican in charge

If Obama thinks he should have a second term, that is good enough for me. I never was much into the president putting republicans in high administrative roles, because that usually backfires. But we are now moving out the near depression of the previous administration, and I believe Bernanke has helped stop the disaster.

January 27, 2010 01:58 pm at 1:58 pm |

Peggy - TX

The totally corrupt Republicans are just continuing their war-like campaign on the present administration. They know Bernanke will be confirmed, they also know that the bottom line is that uncertainty tends to lower the market value and that this not the time to introduce uncertainty into the Market.

January 27, 2010 01:59 pm at 1:59 pm |

Ben in Texas

I hope they ditch this Bush/Cheney holdover and get a non-Wall St. economist. Get somebody who is not buddy-buddy with the baddies.

January 27, 2010 02:09 pm at 2:09 pm |

Felonious Monk

If the dems had thrown up as many roadblocks as the republicans have, they would have called the dems unpatriotic.

Republican obstruction just cost America healthcare.

Gee thanks,

January 27, 2010 02:27 pm at 2:27 pm |

terry,va---your comment always awaits moderation.

Bernanke needs to be confirmed. He should have done more upfront to keep us from this financial mess, but to kick him out now would send the stock market down the toilet Keeping Bernanke and sending troops to Afghan are the only 2 things Obummie has done right this year..

January 27, 2010 02:28 pm at 2:28 pm |

James, Houston,TX

Ben Bernanke via G.W. Bush is responsible for the screwed-up "Economic" mess the Country is in presently. Retire this "Goof Ball", so he may join G.W. and Cheney in their plans for spending Monies stole from the U.S Treasury as via the Bail-Outs. Remember, You member, when the "RUSH" was on back in 2008!

January 27, 2010 02:35 pm at 2:35 pm |

T'SAH from Virginia

CNN –

STOP allowing all of the FAR-RIGHT bloggers post here to the point where it EXCEEDS the Independents and Liberals!!!

Lately – and I have been blogging here for a while – YOU are allowing all of the NEGATIVE and HATE-FILLED blogs to outnumber the more Liberal and/or Independent blogs!!!

It's not right – If I went to FOX NEWS and post my thoughts about issues – NONE – I mean NONE of them get posted. Their blogs are filled with HATE against President Obama and anyone else who does not fit in their mold! I came to CNN years ago for that matter!! NOW, all of a sudden, HATE-filled blogs are out-posting the more liberal and the FAR-RIGHT is taking over.

I truly believe the majority of people that tune into CNN to blog and/or read the news ARE NOT far-right maniacs. You are making it seem as if the entire country is against President Obama and his administration!!! It’s not so!!

January 27, 2010 02:48 pm at 2:48 pm |

Aunt Bea and Opie

Time to ditch all the left overs,even though his replacement would be another Globalist building a "one world government" that the first Bush forsaw when he told us of "The New World Order".Ike did tell us who to keep an eye on at the end of his term,shame nobody believed him.This sneaky little guy has crook written all over his face.Obama is fast proving that the old boss is the same as the new boss.Going back to the republicans is not the answer though since they have already proven who owns them.

January 27, 2010 02:52 pm at 2:52 pm |

Your government dollars at work

Bernanke and Geithner are both part of the problem, not a solution. Both should be tossed out. If this is the best this country can do, and if we must appoint a tax cheat to head the IRS and Treasury, then this country is in worse shape than anyone realizes. I had hoped Obama would show some backbone is not appointing this kind of person, but he has caved to the DC pressure -- no different than all the dems before him. This is not change; just more of the same delivered with a snappy teleprompter enabled speech.

January 27, 2010 03:07 pm at 3:07 pm |

Sorensen

He does not look like a leader
He does not talk like a leader
He does not behave like a leader
He presided over total and corrupt chaos for years
I hope he is a good academic.
He should go back to that again. Now.

January 27, 2010 03:16 pm at 3:16 pm |

Keith In Austism

OTS:
I want to see Hannity's darling, James O'Keefe and his band of right
wing thugs get convicted and lose their right to vote in 2012.
Now that's chump change I can live with.

January 27, 2010 03:25 pm at 3:25 pm |

Dominican mama 4 Obama

Further proof that we've lost our collective minds. We're still in the midst of this economic crisis; and while turning this big ship around SOME think it is a good time to replace the captain. !?!

Whether Bernanke save Wall Street before Main St. is immaterial when you take into consideration that Main St. cannot provide the jobs, or the heavy-duty influx of funds, or give credit like Wall Street can. We had to prioritize you dolts. Yes we could've saved YOUR house or saved the bank that holds the mortgages on THOUSANDS of houses like yours.

Wisconsinate:
""I have not talked to Rahm Emanuel in a year," Boehner said"

Someone from the press should ask Boehner who's choice that is, don't you think?? I'm betting, since the Republicans in the Senate have fillibustered more times in the last year than in the whole history of the US Senate . . .more times by MANY! .

Are you serious?? CNN are you serious?? Why would you print this garbage?? The republicans this year did not filibuster once not one ****ing time... You liberals are incredible... The senate up until last week was filibuster proof.... The reason nothing has gotten done is because the Dumbocrats can't get their stuff together, not because of filibusters.... Learn the facts or be made to look like an idiot........

January 27, 2010 03:51 pm at 3:51 pm |

The Lonely Libertarian of Liverpool NY

Who cares if Big Ben keeps his job, the important thing is to pass the "Audit the Fed" Bill that is stuck on the back burner. let's find out the feds debt and collection secrets first.

January 27, 2010 04:10 pm at 4:10 pm |

Willy Brown

Keeping the loser.

January 27, 2010 04:20 pm at 4:20 pm |

LIP

Lets start all over with a fresh approach and one that hasn't been tainted by failure.

January 27, 2010 04:27 pm at 4:27 pm |

Jane/Seattle

FIRE THIS GUY! He does not hold the peoples needs above the Need for the Money of Wall Street. President Obama promised that Main Street IS his main concern. Words are Cheap and Actions DO Speak Louder.

The Federal Reserve IS a Private Corporation and NEEDS to be FIRED and replaced with a government agency that has accountability! I guess one has to be highly paid in order to never be held accountable for BAD professional conduct! Watch them let this guy stay! It is just about as predictable as the recent (01/21) Supreme "Activist" Court Decision that further leaves the American citizen totally "Screwed" (Thom Hartmann). CHANGE This Now or we will all know just how much we are going to have to fight this Corporatocracy!

January 27, 2010 04:30 pm at 4:30 pm |

Monster Zero

Hey, whatever became of old lifer Charlie Rangle? Isn't it funny how all the corrupt dealings in DC make the news and then just fade away? Dodd, Frank, Pelosi, Reid, Raines, Emanuel, Daschel and the list goes on and on... What happened to the Chicago mayor selling Obama's seat, are they gonna have his trial after the first and last term so as not to drag a sitting President into a hot seat where he would most assuredly perjure himself as his Democratic predecessor Bill Clinton did? How embarrassing to think of what Blagovich could unleash and that his Chief of Staff could ultimately do time? Democracy at it's best, JUST_US well served!

January 27, 2010 04:38 pm at 4:38 pm |

Dominican mama 4 Obama

T'SAH from Virginia January 27th, 2010 2:48 pm ET

And to add insult to injury the hate-filledn far-right is being allowed to blog on this site under the monikers of liberals and independents. monikers.

If you can't come up with a suitable moniker we'd be happy to supply you with one.

January 27, 2010 04:42 pm at 4:42 pm |

Macho Macho

What you are forgetting Dominican Mamma for Obummer is that the current Captain ran the ship aground as an incompetent first mate on that very ship! The Obama philosophy, oh yes you CAN even when you CAN'T! I have never been so disillusioned with my country as listening to those elected lay out their ideas, they are incompetent idiots that apparently live in gilded castles paid for with our money!

January 27, 2010 04:43 pm at 4:43 pm |

welderfeller

My question is how much cheese does Mr Pinky Paulson have to have before he gets that Pinky fixed? C'mon, Bernanke... give your boy a raise... he's scaring small children with that broke-looking pinky...